David Nation, Chairman, Crediton Area History and Museum Society, explained that the Society was interested in ensuring that the signpost was repaired because it carried out much research into the origins of these instantly recognisable and attractive signposts in the Crediton area.
He explained: "Joe Mitchell learned his trade as a wheelwright in the family business at Knowle in the 1920s.
"When the family business closed in the 1950s Joe secured employment with the Highways Authority making and maintaining the sign posts in the area.
"He came up with his own design and travelled there on his bicycle. The Society is fortunate to have been given a number of Joe’s tools and photographs.
"The one at Forches Cross is unique as it is the only five-finger post in existence.
"I believe that the Town Council registered it as a feature of interest and they, together with a contribution from the local County Councillors Locality Budget, have covered the entire cost of this replica built by Sid Gardener."
He continued: "Sid is a phenomenon! After initial training as a wheelwright, he worked for more than 50 years as a carpenter and general handyman for Quicke’s.
"Now in retirement and in his late 80s he keeps himself busier than most people half his age! He has made a superb job of the new post and it is a credit to his workmanship and skills, emulating the work of Joe Mitchell."
Mr Nation was formerly a councillor in the area and said it was 25 years ago that he remembers the signpost was last restored.
Crediton Town Council said: "We are hugely grateful to the talented Sid Gardener for undertaking the restoration, to Nick Way who financially supported the project through his County Councillor locality fund and to David Nation for finding Sid and arranging the work.
"What a wonderful piece of heritage."